Why do so many gamblers risk it all when they know the odds of
winning are against them? Why do they believe dice are "hot" in a
winning streak? Why do we expect heads on a coin toss after several
flips have turned up tails? "What's Luck Got to Do with It?" takes
a lively and eye-opening look at the mathematics, history, and
psychology of gambling to reveal the most widely held
misconceptions about luck. It exposes the hazards of feeling lucky,
and uses the mathematics of predictable outcomes to show when our
chances of winning are actually good.
Mathematician Joseph Mazur traces the history of gambling from
the earliest known archaeological evidence of dice playing among
Neolithic peoples to the first systematic mathematical studies of
games of chance during the Renaissance, from
government-administered lotteries to the glittering seductions of
grand casinos, and on to the global economic crisis brought on by
financiers' trillion-dollar bets. Using plenty of engaging
anecdotes, Mazur explains the mathematics behind
gambling--including the laws of probability, statistics, betting
against expectations, and the law of large numbers--and describes
the psychological and emotional factors that entice people to put
their faith in winning that ever-elusive jackpot despite its
mathematical improbability.
As entertaining as it is informative, "What's Luck Got to Do
with It?" demonstrates the pervasive nature of our belief in luck
and the deceptive psychology of winning and losing.
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